WEBSITE BSE:544245 NSE: NHL Inc. Year: 2018 Industry: Travel Services My Bucket: Add Stock
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1. Business Overview
Naturewings Holidays Ltd. (NHL) operates in the travel services sector, primarily based in India. The company's core business model revolves around organizing and facilitating diverse travel experiences. This includes designing and selling tour packages, managing individual and group travel logistics, and potentially offering services like hotel bookings, flight reservations, and ground transportation. The company makes money through service fees, commissions from suppliers (airlines, hotels, transport providers), and markups on the packaged tours it sells.
2. Key Segments / Revenue Mix
While specific financial segmentation is not provided, based on its industry, NHL's revenue likely stems from:
Domestic Tours: Packages and services for travel within India.
International Tours: Packages and services for outbound travel from India to international destinations.
Customized Tours: Tailored travel plans for individuals, families, or small groups.
Group & Corporate Travel: Organizing tours and travel logistics for larger groups or corporate clients.
The precise contribution of each segment is not publicly available without detailed financial reports.
3. Industry & Positioning
The Indian travel services industry is highly dynamic, competitive, and fragmented. It includes large online travel agencies (OTAs) like MakeMyTrip and EaseMyTrip, traditional offline tour operators, specialized niche players, and direct service providers (airlines, hotels). Naturewings Holidays Ltd. likely positions itself as a specialized tour operator, potentially focusing on certain destinations, types of travel (e.g., adventure, cultural, luxury), or providing personalized service that differentiates it from mass-market players. It competes on factors such as package value, destination expertise, customer service, and reliability.
4. Competitive Advantage (Moat)
In a highly competitive sector, establishing a strong, durable competitive advantage (moat) is challenging. NHL's potential advantages could include:
Brand Reputation & Trust: A strong track record of reliable service can build trust and repeat customers.
Niche Expertise/Destination Specialization: Deep knowledge and strong supplier relationships in specific regions or for particular types of travel.
Strong Supplier Relationships: Long-standing partnerships with hotels, airlines, and local operators can lead to better pricing or exclusive access, enabling competitive package offerings.
Personalized Service: For certain customer segments, a high-touch, customized service model can create stickiness.
However, these are generally not as strong as network effects or high switching costs often seen in other industries.
5. Growth Drivers
Rising Disposable Incomes: Increasing affluence in India fuels higher discretionary spending on leisure and travel.
Growing Middle Class: Expansion of the middle-class demographic translates to a larger base of potential travelers.
Increasing Travel Propensity: A cultural shift towards valuing experiences and travel, coupled with easier access to information and booking platforms.
Digital Adoption: Further penetration of online travel planning and booking, which can streamline operations and expand market reach.
Infrastructure Development: Improvements in connectivity and tourist infrastructure within India and popular international destinations.
6. Risks
Economic Downturns: Travel is a discretionary expense, highly susceptible to economic slowdowns, inflation, or job market instability.
Geopolitical Events & Health Crises: Wars, political instability, and pandemics (like COVID-19) can severely disrupt travel demand and operations.
Intense Competition: The presence of numerous online and offline players can lead to pricing pressure and reduced margins.
Fuel Price Volatility: Fluctuations in aviation fuel prices directly impact flight costs, a significant component of travel packages.
Regulatory Changes: New taxes, visa policies, or environmental regulations can impact operations and profitability.
Technological Disruption: Failure to adapt to evolving digital platforms and customer expectations could lead to loss of market share.
7. Management & Ownership
As a company based in India, Naturewings Holidays Ltd. is typically promoted and run by its founders or a founding family. An assessment of management quality would require reviewing their track record, governance practices, strategic decisions, and financial performance over time. Ownership structure generally involves promoters holding a significant stake, alongside participation from institutional investors and the public (post-listing).
8. Outlook
Naturewings Holidays Ltd. operates in a promising sector driven by India's demographic tailwinds and increasing travel aspirations. The company stands to benefit from rising incomes and a growing appetite for both domestic and international travel. However, the industry is highly competitive, fragmented, and vulnerable to external shocks such as economic downturns, geopolitical tensions, and health crises. Sustained growth will depend on its ability to effectively differentiate its offerings, build a strong brand, adapt to technological advancements, manage operational costs, and navigate an unpredictable external environment.
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Market Cap ₹26 Cr.
Stock P/E 24
P/B 2.4
Current Price ₹82.4
Book Value ₹ 34.1
Face Value 10
52W High ₹98.8
Dividend Yield 0%
52W Low ₹ 0
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|
| Net Sales | 1 | 4 | 12 | 22 | 21 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 1 | 4 | 12 | 22 | 22 | |
| Total Expenditure | 1 | 4 | 11 | 20 | 20 | |
| Operating Profit | 0 | 0 | 1 | 2 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 0 | 1 | 2 | 1 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | |
| Profit After Tax | 0 | 0 | 1 | 1 | 1 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | 1 | 1 | 1 | |
| Adjusted Earnings Per Share | 0.3 | 0.9 | 2.9 | 5.1 | 3.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -5% | 74% | 0% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 17% | NA% | NA% | NA% |
| ROE Average | 18% | 42% | 32% | 32% |
| ROCE Average | 25% | 54% | 42% | 42% |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Shareholder's Funds | 1 | 1 | 2 | 3 | 9 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | 0 | 0 |
| Total Current Liabilities | 2 | 2 | 4 | 3 | 4 |
| Total Liabilities | 2 | 3 | 5 | 6 | 13 |
| Fixed Assets | 0 | 0 | 2 | 2 | 2 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 3 |
| Total Current Assets | 2 | 3 | 3 | 4 | 9 |
| Total Assets | 2 | 3 | 5 | 6 | 13 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 2 | 2 | 2 | 2 |
| Cash Flow from Operating Activities | 1 | 1 | 1 | 0 | -1 |
| Cash Flow from Investing Activities | 0 | -0 | -2 | -0 | -3 |
| Cash Flow from Financing Activities | 0 | 0 | 0 | -0 | 5 |
| Net Cash Inflow / Outflow | 1 | 0 | -0 | 0 | 2 |
| Closing Cash & Cash Equivalent | 2 | 2 | 2 | 2 | 4 |
| # | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.25 | 0.9 | 2.94 | 5.06 | 3.43 |
| CEPS(Rs) | 0.39 | 0.98 | 3.63 | 5.69 | 3.82 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 1.5 |
| Book NAV/Share(Rs) | 3.11 | 4.01 | 6.96 | 12.02 | 28.95 |
| Core EBITDA Margin(%) | 5.77 | 6.13 | 8.09 | 7.68 | 6.94 |
| EBIT Margin(%) | 5.7 | 7.1 | 7.28 | 7.1 | 7.03 |
| Pre Tax Margin(%) | 5.7 | 6.95 | 7.14 | 6.93 | 6.88 |
| PAT Margin (%) | 4.02 | 4.82 | 5.56 | 5.11 | 5.05 |
| Cash Profit Margin (%) | 6.33 | 5.26 | 6.86 | 5.74 | 5.62 |
| ROA(%) | 2.51 | 7.51 | 15.87 | 20.68 | 11.31 |
| ROE(%) | 8.06 | 25.28 | 53.71 | 53.38 | 18.35 |
| ROCE(%) | 11.14 | 34.9 | 66.07 | 72 | 25.41 |
| Receivable days | 0.66 | 0.25 | 0.48 | 1.2 | 2.47 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 21.3 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 2.52 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 2.05 |
| EV/Net Sales(x) | -1.21 | -0.5 | -0.08 | 0 | 0.89 |
| EV/Core EBITDA(x) | -15.05 | -6.63 | -0.92 | 0.03 | 11.72 |
| Net Sales Growth(%) | 0 | 199.7 | 183.72 | 87.03 | -1.91 |
| EBIT Growth(%) | 0 | 272.99 | 191.15 | 82.19 | -2.76 |
| PAT Growth(%) | 0 | 259.03 | 227.2 | 71.97 | -3.21 |
| EPS Growth(%) | 0 | 259.03 | 227.2 | 71.97 | -32.32 |
| Debt/Equity(x) | 0.02 | 0.1 | 0.05 | 0.02 | 0 |
| Current Ratio(x) | 1.43 | 1.39 | 0.94 | 1.34 | 2.12 |
| Quick Ratio(x) | 1.43 | 1.39 | 0.94 | 1.34 | 2.12 |
| Interest Cover(x) | 0 | 49.63 | 51.98 | 44.25 | 46.33 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 |
| # | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Promoter | 66.99 | 66.99 | 66.99 | 66.99 | 66.99 | 59.49 | 66.99 |
| FII | 0 | 0.35 | 0.35 | 0.35 | 0.35 | 0.31 | 0.35 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 33.01 | 32.65 | 32.65 | 32.65 | 32.65 | 40.19 | 32.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Promoter | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.14 | 0.1 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.36 | 0.32 |
* The pros and cons are machine generated.
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